- Cisco is approaching weekly resistance line and weekly ichimoku cloud.
- Daily chart is looking very bullish with 200 and 50 Day SMA about to do a golden cross.
- Price may try to shakeout the week bulls before the moving average cross over So the weekly resistance levels might come into play here.
- Bulls will be stronger if price does not get resisted near the weekly resistance line and cloud.
October 31, 2011
- ES is giving some relief for bears as of now. But the trend lines and the 50 Period SMA of four hour chart may give support for taking it up again.
- For bears the close below 50 Period SMA shown in the second chart should be convincing for a bigger fall to happen. Dip towards this level has taken support 3 times in the past. We have to see how price reacts from this level when it gets there.
- S&P 500 WEEKEND UPDATE
- Infosys is testing a resistance line in weekly chart.
- Price is also testing its month high ema.
- For bulls price should do a close above month High EMA for continuing this up move.
- Daily charts are showing overbought stochastic readings. But MACD is still in buy mode with Some negative divergence.
- Another important thing to track for IT stock is the movement of USDINR. I have done an analysis on the trend of USDINR today: CLICK HERE TO SEE USDINR TREND UPDATE
- NIFTY WEEKEND UPDATE
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